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Message: <blockquote data-quote="lkdood" data-source="post: 7848658" data-attributes="member: 92282">The initial public offer by Sri Lankan retailer Odel has  been oversubscribed by 63 times, setting a record on the Colombo Stock  Exchange (CSE) in recent times, a statement said. The  Colombo Stock Exchange’s previous record for oversubscription of an IPO  was by 20 times, it said. Channa Amaratunga, Director of CT Capital, lead manager of the Odel IPO,  said 22,686 applications had been received from the public, with a  cumulative value of 15.995 billion rupees. The IPO on June 5 closed the same day owing to oversubscription. Odel offered 16.7 million shares, an 11.5 percent stake in the company’s  equity, at 15 rupees per share.    The statement quoted CSE chairman Nihal Fonseka as describing the Odel  IPO as a potential catalyst for more listings on the Colombo Stock  Exchange. Fonseka said the very high degree of interest sparked by the IPO also  reflected the optimism prevailing in the market, and is an indication  that investors are looking for exciting new stocks. Of the IPO shares, 1.2 million were set aside for applications from  employees, three million for applications of up to 5,000 shares, and  12.5 million shares for applications for more than 5,000 shares. "We are overwhelmed by the response we have had for our IPO," the  statement quoted Odel founder and chief executive Otara Gunewardene as  saying. "The figures have been much higher than our usually high expectations. We are extremely pleased with the confidence and the support shown by  the public for the brand. We are also happy that it has influenced many  first timers to invest in the stock market." The basis for the allocation of shares to applicants is to be decided  shortly.     LBO</blockquote>

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